Activist investor Jana Partners has called on Macy’s to spin off its eCommerce business, a move that couple potentially help Macy’s raise the valuation of its digital business to $14 billion. The company’s current market cap is $6.9 billion.

The proposed spinoff would be similar to one that was pursued by luxury department store chain, Saks Fifth Avenue, earlier this year. The move helped Saks raise the valuation of its online business to $2 billion, which is about double its annual sales.

Macy’s eCommerce sales this year are expected to be between $8.35 billion and $8.45 billion, continuing its streak of doubling online revenue for the past four years.

If Macy’s were to execute on the proposal, its valuation would total to about $16.8 billion including debt, or $14.1 billion on an equity basis, according to Jana’s presentation.

The company’s stock jumped nearly 4 percent after the report came out.

While Jana Partners’ stake in Macy’s is unknown, the company’s spinoff of its online business will help the investor group seek a higher valuation from the separate entry. Macy’s “eCommerce offering is a powerful combination and is moving us forward as a strong digitally-led omnichannel business,” the group’s presentation said.